Is it possible to live without banks?

[AicecreaME]

I think maybe because the bank is not the main thing that is obligatory for every human being there is a human being can save money anywhere. The place and time of the bank is only a place where we keep a lot of money and it is safer.
everything depends on every human being if it is safer, of course, in the bank and for faster transactions.

I agree with your statement that it really depends on the person whether he/she can live with or without a bank account. It's a matter of perception and situation for me actually. Some can survive without having one, while some don't.

In some other countries, it's difficult to go out without a bank account especially if you live in a city since the transactions usually are done through it. Paying bills, credit/debit cards, renting an apartment or a room, mortgage, loans - usually these things requires bank information. Without having a bank account in these scenarios could get you in trouble.

Another thing, most companies direct the monthly salaries of their employees through their atm cards, which also requires a bank account, so this would push some people applying for jobs to have one for convenience purposes.

So again, this would be up to the person and his/her situation. It's certainly possible to go and pay with cash if you're living in province away with latest technologies, however it would be diffucult and your transactions would be limited if you're living in a city whereas most services offered require having a bank account.

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[Abiky]

One way or another, today it is practically impossible to live without a banking system, taking into account all aspects of a person's life in which the bank participates, from financing various projects to receiving salaries with the help of banking institutions. I believe that we need to change the financial and economic system before preparing the lives of people without a banking system.

Living without a bank nowadays is practically impossible. Crypto has not reached a point where it's independent enough from the traditional monetary system. With many centralized exchanges and service providers dominating the industry, people will be required to have a bank account in order to participate in both the "decentralized" and traditional economy. In the bright side, crypto won't be going anywhere due to its decentralized and open source nature. It'll only serve as an alternative than a replacement of banks. While crypto-based debit/credit cards are a reality these days, they're essentially the same banking system crypto was meant to "replace" in the first place.

Eventually, people will end up using only banks or both crypto and banks for day-to-day transactions. Those looking for true censorship resistance will flock into crypto/Blockchain tech, while others looking for convenience will "stick" to the traditional monetary system. For now, living only on crypto is just a dream. This could change if crypto's ecosystem grows over time. The more merchants and businesses accepting crypto, the easier it'll be to avoid banks altogether. But governments and employers requiring people to have a bank account for certain benefits, makes living without them quite a challenging task. Just my thoughts

[Ridwan Fauzi]

If the bank's function for human being just for saving and loan money I think we don't need it. We can actually save our money or buy some stuff for investing. I just thinking and feel like I was tricked when I using money especially to save my money. Have you imagine that when you save your money to your bank account you'll be charge by them for several percent but bank will use our money for investing so as they will be profited by doing so.

This is why I do hate a bank service especially to save my money. Moreover, when I knew crypto currency and its function most my money is saved in it, at lesst I have two advantage. The first advantage, I don't have to pay the fee per months and I still can transfer money more than easier in it and the second factor is I feel like I have a freedom to use my money and I can do everything.

[TrevorS]

First people on this planet lived without banks, therefore we could also live without it however it might be hard to make adjustments specially that we so dependent on it for a very long time.

Even if the cryptocurrency will become more stable form of payment, it could take decades before we are all transitioned or adopt the new system.

The first people on the planet lived without money, they had no technology and had completely different values. They faced completely different tasks in the framework of their survival and reproduction.
To come to their state, we must destroy everything that was built over thousands of years, and stay with a bare ass in the literal sense.
We can no longer exit the banking system without loss if we do it quickly, for example, if we face a banking crisis. It will affect everything, and it will be a terrible time.

[finaleshot2016]

First people on this planet lived without banks, therefore we could also live without it however it might be hard to make adjustments specially that we so dependent on it for a very long time.

Even if the cryptocurrency will become more stable form of payment, it could take decades before we are all transitioned or adopt the new system.

The first people on the planet lived without money, they had no technology and had completely different values. They faced completely different tasks in the framework of their survival and reproduction.
To come to their state, we must destroy everything that was built over thousands of years, and stay with a bare ass in the literal sense.
We can no longer exit the banking system without loss if we do it quickly, for example, if we face a banking crisis. It will affect everything, and it will be a terrible time.

The technology advances and our society is upgrading and those upgrades aren't downgradable because new generations are adopting the new methods that have been built. So definitely, we can avoid the banking system now because most of the people right now are using it and we aren't living in the stone era which doesn't use it. We should be considered the payment system such which creates the banking system as one of those upgrades added to our society. Also, the banking system has a lot of features and advantages of our economic growth so we can't avoid it anymore.

[Mauser]

If the bank's function for human being just for saving and loan money I think we don't need it. We can actually save our money or buy some stuff for investing. I just thinking and feel like I was tricked when I using money especially to save my money. Have you imagine that when you save your money to your bank account you'll be charge by them for several percent but bank will use our money for investing so as they will be profited by doing so.

This is why I do hate a bank service especially to save my money. Moreover, when I knew crypto currency and its function most my money is saved in it, at lesst I have two advantage. The first advantage, I don't have to pay the fee per months and I still can transfer money more than easier in it and the second factor is I feel like I have a freedom to use my money and I can do everything.

Unforuntaely storing money without banks is getting more and more difficult. I would recommend storing a lot of money at home without the proper security. But this cost money again, buying a big safe that's also fireproof and can't just be stolen is very expensive. Then most companies don't want to pay salaries in cash it will have to be transfered to a bank account before being able to withdraw it and safe it at home.
One good thing with banks is that there is security involved and they are legit. Sure you have to pay fees but at least is not a scam. Imagine someone guaranteeing you security for your money just to be a big ponzi scheme in the end. I would always value options on terms of safety and possible government guarantees.

[FlightyPouch]

I think maybe because the bank is not the main thing that is obligatory for every human being there is a human being can save money anywhere. The place and time of the bank is only a place where we keep a lot of money and it is safer.
everything depends on every human being if it is safer, of course, in the bank and for faster transactions.

You have every right don't use a bank to store your money in it, but you cannot do without it when you pay for services such as electricity, gas, water, Internet which you pay monthly.

I don't understand since most of these bills you are saying, we go directly to their branches or office to pay without the help of the bank. Even in this pandemic, people are still lining up in their offices to pay. Most of the time we asked for online payments, remittances are either offline or have a problem with these.

[goldade]

I believe it is absolutely possible to live without banks. However, I do not see this happening in the nearest future. I believe it will take a long while before everyone can live without banks.
Even with the very many people who have embraced the digital system, it is still a very insignificant percentage compared to the number of those who still have faith in banks.
Until one can receive and send any form of money (salary, tax, money for healthcare, alimony, tithe, etc) in digital cash, the need for banks will always be there.

[(o)(o)ilikeboobs(o)(o)]

Banks are more important than you think, we live in a world dominated by people with a lot of money and power. The national central banking system will help us balance currency rates and help us fulfill taxes, deposits, and loans. Without banks, we will easily be manipulated, like the black market, the exchange rate is constantly changing and there is a potential risk in trading. Remember that the Venezuelan collapsed due to an uncontrolled Bolivar/dollar exchange rate on the black market.

[lepbagong]

Banks are more important than you think, we live in a world dominated by people with a lot of money and power. The national central banking system will help us balance currency rates and help us fulfill taxes, deposits, and loans. Without banks, we will easily be manipulated, like the black market, the exchange rate is constantly changing and there is a potential risk in trading. Remember that the Venezuelan collapsed due to an uncontrolled Bolivar/dollar exchange rate on the black market.

The most important thing with the existence of a bank is the state's responsibility for the funds that are in the bank because there is a guarantee that it will not be lost even if the bank goes bankrupt.
banks also facilitate transactions, which are currently making more innovations whose developments are constantly changing and providing available conveniences. because without any updates adapted to the current situation, the bank will be left behind.

[(o)(o)ilikeboobs(o)(o)]

Banks are more important than you think, we live in a world dominated by people with a lot of money and power. The national central banking system will help us balance currency rates and help us fulfill taxes, deposits, and loans. Without banks, we will easily be manipulated, like the black market, the exchange rate is constantly changing and there is a potential risk in trading. Remember that the Venezuelan collapsed due to an uncontrolled Bolivar/dollar exchange rate on the black market.

The most important thing with the existence of a bank is the state's responsibility for the funds that are in the bank because there is a guarantee that it will not be lost even if the bank goes bankrupt.
banks also facilitate transactions, which are currently making more innovations whose developments are constantly changing and providing available conveniences. because without any updates adapted to the current situation, the bank will be left behind.

Exactly so, most banks have the hands of the government behind and the government is responsible for regulating the cash flow and ensuring liquidity for transactions. Besides, loan service is also an advantage of the bank, borrowing money to spend, borrowing money for investment, borrowing money for production. Currently, there are several money lending platforms on blockchain such as Aave (LEND), COMP ... and others. They are doing very well, in the future banks will have to change the way they operate for the better and attract more people. Currently, major banks in the world are researching blockchain technology and they will soon bring blockchain into their management systems.

[gbrendeh]

It may be possible in the future but not at view for now. Adoption of digital payment is still at infant stage

[Abiky]

The technology advances and our society is upgrading and those upgrades aren't downgradable because new generations are adopting the new methods that have been built. So definitely, we can avoid the banking system now because most of the people right now are using it and we aren't living in the stone era which doesn't use it. We should be considered the payment system such which creates the banking system as one of those upgrades added to our society. Also, the banking system has a lot of features and advantages of our economic growth so we can't avoid it anymore.

Ultimately, banks will adapt to the latest technologies in the mainstream world. Since they dominate the world's economy, they won't be going anywhere anytime soon. Fiat currencies are widely adopted by merchants and businesses worldwide because of their stability and government backing. As long as the number of merchants and businesses accepting Fiat are higher than those accepting crypto, it'll be impossible to live without a bank. Besides that, mainstream jobs require you to have a bank account to get paid in Fiat. Being without a bank and getting paid "under the table" will bring suspicion more than anything else. It's why crypto will always be an alternative to banks rather than a replacement.

In the end, both crypto and banks will co-exist for a long time. Those who prefer privacy, decentralization, and censorship resistance will use crypto above Fiat. Others who want stability and widespread acceptance, will use Fiat above anything else. Remember, you can live without crypto but not without a bank. Wise ones will choose both to achieve peace of mind in their financial lives. Just my thoughts

[finaleshot2016]

The technology advances and our society is upgrading and those upgrades aren't downgradable because new generations are adopting the new methods that have been built. So definitely, we can avoid the banking system now because most of the people right now are using it and we aren't living in the stone era which doesn't use it. We should be considered the payment system such which creates the banking system as one of those upgrades added to our society. Also, the banking system has a lot of features and advantages of our economic growth so we can't avoid it anymore.

Ultimately, banks will adapt to the latest technologies in the mainstream world. Since they dominate the world's economy, they won't be going anywhere anytime soon. Fiat currencies are widely adopted by merchants and businesses worldwide because of their stability and government backing. As long as the number of merchants and businesses accepting Fiat are higher than those accepting crypto, it'll be impossible to live without a bank. Besides that, mainstream jobs require you to have a bank account to get paid in Fiat. Being without a bank and getting paid "under the table" will bring suspicion more than anything else. It's why crypto will always be an alternative to banks rather than a replacement.

In the end, both crypto and banks will co-exist for a long time. Those who prefer privacy, decentralization, and censorship resistance will use crypto above Fiat. Others who want stability and widespread acceptance, will use Fiat above anything else. Remember, you can live without crypto but not without a bank. Wise ones will choose both to achieve peace of mind in their financial lives. Just my thoughts

Yes, banks and crypto have different purposes and features and they have their own community. Banks will exist for many years because I agree that it will adopt those features that it doesn't have and will develop their system to be the most reliable money system in this world. Fiat currencies are one of the essential since not all of us aren't capable of using digital currency such as cryptocurrency and banks already adapted the online banking system that acts the same with digital money where we can pay digitally. I always see them as different things and can't be compared, there's no replacement will occur because it has a different agenda.

[Mauser]

Yes, banks and crypto have different purposes and features and they have their own community. Banks will exist for many years because I agree that it will adopt those features that it doesn't have and will develop their system to be the most reliable money system in this world. Fiat currencies are one of the essential since not all of us aren't capable of using digital currency such as cryptocurrency and banks already adapted the online banking system that acts the same with digital money where we can pay digitally. I always see them as different things and can't be compared, there's no replacement will occur because it has a different agenda.

Just looking at my parents, they have such problems with the internet in general that there is no way they could be using cryptos only or just use the internet like paypal to pay and get their money. If we had no more banks and there wouldn't be and financial services firms managing the money for older people (i.e. banks) a lot of people would be helpless. The older we humans get the less we can get used to knew technology. Unfortunately thats just in our nature, the brain doesn't function as good as a teenager anymore. Learning becomes so much more difficult with age that I don't see any chance of us to live without bank in the near future.

[Janation]

It may be possible in the future but not at view for now. Adoption of digital payment is still at infant stage

I don't think so.

As long as there are money in the circulation, there will always be a bank. Even if the we are mainly using digital currencies in the future, I think banks are still in that future. I don't think that we will be seeing a future where Bitcoin is the main currency we are using, it may be adopted or explode in the future but I don't think it will take down banks.

[proscratcher]

With the world's economy collapsing, people are looking for alternative safe-haven assets to use in times of turmoil. Interest in crypto has sparked a lot ever since the stock market went on a decline. If people decide to use crypto, precious metals, and physical cash, will it be possible to live a normal life without a bank?

In my case, I'd be willing to exit the banking system in order to have true sovereignty over my money. After all, that's what crypto is all about. If you could live your normal life without the need to ever interact with a bank (having a bank account to make transactions, etc), it'll be a blast. With the world shifting towards the online realm for e-commerce, virtual meetings, and more, it seems likely that people will be using decentralized money more thoroughly. There are still people using credit/debit cards, but that may change soon as Fiat becomes hyper-inflated.

What are your thoughts?

I don't think so because you can't purchase most thing with bitcoin

The best bank alternatives I have found are online banks like Simple. They have most of the things people want in a bank, but without physical locations. You get the use of debit cards and the use of existing cash machine networks. The reason online banks are so appealing is because they ARE banks, just without local branches. It is definitely an alternative to traditional, local banks. But it is still a bank. Think of it as Bank 2.0

[aiguy]

the are two types of people , some need bank like those people working through online and live not the same country, and they exchange or through bank or other digital sources. those type of people will suffer a lot. but the second type of people doesn't suffer because in a lot of villages a lot of people don't have any bank access, but they are happy with their natural life.

[aiguy]

Life without a basic bank account may seem difficult, if not impossible. However, it can be done. ... From paying direct debits and standing orders or utility bills or receiving a salary to simply identifying you as someone who exists, bank accounts are a huge part of a person's life

[lumeire]

Life without a basic bank account may seem difficult, if not impossible. However, it can be done. ... From paying direct debits and standing orders or utility bills or receiving a salary to simply identifying you as someone who exists, bank accounts are a huge part of a person's life

In today's economy living without a bank account is close to impossible, everyone needs a loan to build their dream home, for his car or maybe studies then the first thing required would be a bank account without which you can't get a loan.

Also for buying cryptocurrencies with ease and faster, you have to have a bank account as I can get Crypto loaded in my wallet in less than 30 minutes with my bank account, I can't think of a faster and a safer way to do so.